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![](https://gimg2.gateimg.com/image/article/1740893139newhotspot.jpeg)
## Introduction
Elon Musk recently changed his name to "Harry Bōlz" on Twitter. The HARRYBOLZ token of the same name suddenly became popular in the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> ecosystem, and the community's enthusiasm was unprecedentedly high. This meme coin brought huge wealth creation effects in just a few hours, showing the madness and opportunities of the <a href="/price" target="_blank" class="blog_inner_link">cryptocurrency market</a>. This article will explore the reasons behind this phenomenon and its impact on the entire blockchain industry.

** Trade HARRYBOLZ now:**
<a href="https://www.gate.io/pilot/solana/harry-b-lz-harrybolz3" target="_blank" title="">https://www.gate.io/pilot/solana/harry-b-lz-harrybolz3</a>

## Musk's "Harry Bōlz" controversy: from name change to market explosion
Elon Musk once again proved his influence in the cryptocurrency market. On February 11, the tech mogul changed the name of his X (formerly Twitter) account to "Harry Bōlz", triggering an unexpected market frenzy. This simple name change instantly ignited the HARRYBOLZ token craze in the Solana ecosystem.
![](https://gimg2.gateimg.com/image/article/17408933711.jpeg)

This is not the first time Musk has done this. As early as April 2023, he used this name, explaining at the time that it was just to get the media to call him by this name. However, the impact of this name change far exceeded expectations, causing drastic fluctuations in the cryptocurrency market, especially in the tokens associated with his name.

Musk's social media behavior has always attracted much attention, and every tweet or account change of his may trigger a huge market reaction. This "Harry Bōlz" incident once again highlights the profound impact of social media on the cryptocurrency market. In just a few hours, the price of tokens associated with this name skyrocketed, attracting the attention of a large number of investors, while also raising concerns about market speculation.

## The amazing rise of HARRYBOLZ token: the story behind the 3000% surge
The performance of the HARRYBOLZ token has been amazing. After Musk changed his name, the token of the same name was quickly launched, with a 24-hour trading volume of more than 40 million US dollars and a market value of 10 million US dollars.
![](https://gimg2.gateimg.com/image/article/17408933972.jpeg)

This crazy growth reflects the highly speculative and volatile nature of the cryptocurrency market. One lucky trader made a return of $52,000 on an exchange with just $156, and such "getting rich overnight" stories further fueled the market's speculative enthusiasm. However, such rapid growth also comes with huge risks, and a sudden turn in the market could lead to an equally rapid evaporation of value.

##The carnival and hidden worries of Solana ecosystem: from $250,000 to a 54% plunge
The surge in HARRYBOLZ tokens was not limited to a single token, but the entire Solana ecosystem was affected. At the height of Musk's name change, the market capitalizations of at least two Solana tokens named "Harry Bōlz" peaked at $25 million and $8.5 million, respectively. This phenomenon demonstrates the Solana ecosystem's activity and its ability to respond quickly to new trends.
![](https://gimg2.gateimg.com/image/article/17408934283.jpeg)

However, the revelry was followed by a rapid cooling. When Musk decided to restore the original name, the market took a dramatic turn. In just 24 hours, the market value of the HARRYBOLZ token plummeted by 54%. This drastic fluctuation not only highlights the instability of the cryptocurrency market, but also raises questions about the sustainability of such speculation.

## The “Musk Effect” in the Crypto Market: How Social Media Influences Token Prices
The "Musk effect" has become a phenomenon that cannot be ignored in the cryptocurrency market. From <a href="/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> to the current HARRYBOLZ token, Musk's words and deeds have been influencing the price trend of cryptocurrencies. This influence is not only reflected in short-term price fluctuations, but also profoundly affects the psychology of investors and the overall atmosphere of the market.

Musk's social media activities have such a great influence on the cryptocurrency market that some investors have begun to pay special attention to his every move. This phenomenon, on the one hand, reflects the importance of social media in modern financial markets, and on the other hand, it also exposes the fragility of the cryptocurrency market. Market behavior that relies too much on personal influence may lead to irrational investment decisions and increase market uncertainty and risk.

In this context, the role of mainstream trading platforms such as Gate.io has become particularly important. These platforms not only provide a safe and efficient trading environment, but also help investors view market fluctuations more rationally and make more informed investment decisions through various educational resources and risk warnings.

## Conclusion
Musk's name change triggered huge fluctuations in the cryptocurrency market. The surge and plunge of the HARRYBOLZ token highlighted the profound impact of social media on the market. This incident not only demonstrated the activity of the Solana ecosystem, but also exposed the speculation and fragility of the cryptocurrency market. Investors need to remain rational and treat market fluctuations with caution, while trading platforms should strengthen risk management and provide users with a safer trading environment.

Risk Warning: The cryptocurrency market is highly volatile and investors may face huge losses. Short-term surges influenced by social media may cause prices to fall quickly, so please participate with caution.



<div class="blog-details-info">
<div>Author:**Charle Y.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. All investments carry inherent risks; prudent decision-making is essential.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>


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This article delves into the HARRYBOLZ token craze sparked by Musk’s name change to “Harry Bōlz”

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HARRYBOLZ Coin: Musk's Twitter Name Change Triggered A Meme Boom